News: Fisher and Paykel board rejects takeover of

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Fisher and Paykel Appliances Holdings Limited’s (ASX:FPA, NZE:FPA)independent directorshave rejected a $700 million takeover offer from China’s Haier Electronics Group.



The directors have concluded that Haier’s offer of $NZ1.20 per share does not sufficiently reflect the value of the home and kitchen appliances company, based on their belief in the company’s strategic direction.



Fisher and Paykel directors have referred to an independent advisor’s assessment on share value which stated a range of between $NZ1.28 and $NZ1.57 per share.



Fisher and Paykel reported a full year net profit of $14.5 million in May this year.